Insurance is something most people don't even want to think about until they need it the most. But, understanding what is and isn't covered in your homeowners insurance policy can mean the difference of being able to rebuild your home and replace your personal belongings. Homeowners need to do annual insurance policy "check ups" to make sure they keep up with local building costs, home remodeling and inventories of their personal belongings. The typical homeowners insurance policy covers damage resulting from fire, windstorm, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere which the structure is being repaired or rebuilt. Your policy also covers your legal liability (up to policy limits) if you, members of your family or even your pets hurt other people or their property, not just in your house, but away from it, as well. Click here for more information on general liability coverage and umbrella policies. When you insure your home, you are really insuring two distinct things:
The Structure of Your Home Three ways to insure the structure of your home:
Tips for Insuring Your Home to Value
Your Personal Belongings Two ways to insure your personal belongings:
Here are a few things to keep in mind when you're insuring your stuff:
The most important thing you can do to safeguard your home and property is to understand that your insurance policy is a contract and you need to know what's in it. Your insurance agent or company representative will be able to walk you though it and answer any questions. The bottom line: Don't put your policy up on a shelf somewhere and let it collect dust! Review your policy every year. When Buying a Home, Put Insurance on the Top of Your "To-Do" List Most lenders won't provide a mortgage without homeowners insurance coverage, so work with your insurance company or agent, together with your Realtor, to help you move into and protect your dream home.
Download the brochure or request a copy by mail. Please include your mailing address. Know what your homeowners insurance covers.
Key Consumer Tip:
Know the factors that affect your homeowners insurance cost and policy renewal.
Key Consumer Tip: To learn more about the cost of homeowners and renters insurance, or to view state-by-state costs and statistics, click here to see Insurance Information Institute data. Avoid common pitfalls that may result in paying higher premiums or even losing insurance.
Key Consumer Tip: Keys to saving on homeowners insurance. Consider taking some steps to make yourself a better risk and save money. Install safety & security devices. You can often save up to 15 percent on you premium with deadbolt locks, fire extinguishers, smoke alarms, burglar alarms and fire alarms that alert your local police and fire stations. Check with your agent to see if your insurance company has specific requirements to qualify. Increase the deductible on your homeowners policy. Increasing your out-of-pocket payment from $250 to $500 or even $1,000 can save you money on your premium and it will discourage you from making small claims, which could put you at risk for being non-renewed. Check into a multi-policy discount. Some companies offer a price break for having more than one type of policy with the same company. Maintain good credit. Many companies provide discounts or consider good credit as one of the factors when selling new policies, so it can really pay off to manage your personal finances. Invest in hail and fire resistive roofing products. Your roof is the most vulnerable part of your home and many companies consider the roofing materials into the premium you are charged. Depending on where you live, some companies charge a percentage, rather than a dollar deductible or surcharge on a roof made out of high-risk materials, like wood shingles or shakes. It pays to shop around for insurance coverage. Keep in mind that the cheapest policy is not necessarily the best. Selecting a company that provides good customer service and one that fits your personal needs is critical, especially when it comes time to file a claim. Home Buyer Checklist Check on insurance early. When buying a home, the sooner you check with an insurance company or agency to price a policy and find out if you can insure that property, the smoother the process will be. Check the claims-filing history of properties you are selling and buying.
Make sure you buy the amount of insurance you need. Take the time to properly insure your home. Make sure that you have enough coverage to:
Consider a higher deductible. If you can afford a higher out-of-pocket deductible, it will save you in the short-term on your insurance premium and also discourage you in the long-term from making small claims that could put your insurance at risk for non-renewal. Ask about extra coverage.
What to make sure is included in homeowners insurance?Here's what your homeowners insurance policy should include:. Truly Comprehensive Coverage. ... . The Right Price. ... . A Single, Easy-to-Understand Deductible. ... . Personal Injury Liability. ... . Guaranteed Replacement Cost on Dwelling. ... . A Good Agent Behind the Plan.. What is the average cost for homeowners insurance in Florida?The average cost of homeowners insurance in Florida is $2,359 per year. At an average cost of $1,083 per year, Travelers offers the cheapest policies in the state. These numbers are based on a sample policy and home. MoneyGeek analyzed costs for different types of homes and homeowners in Florida.
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